PRN: EuroSite Power Limited to Provide Clean Energy from Combined Heat and Power System at Haverhill Leisure Centre, Suffolk
The value of the agreement to the Company is 1.5 million pounds Sterling.
EuroSite Power Limited to Provide Clean Energy from Combined Heat and Power System at Haverhill Leisure Centre, Suffolk
LONDON, March 5, 2012 /PRNewswire/ --
EuroSite Power Limited (http://www.eurositepower.co.uk), a leading On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and leisure centres in the United Kingdom and Europe, has reached an agreement to supply clean energy to Haverhill Leisure Centre in Suffolk. Under the terms of the fifteen-year agreement, the Company will install an InVerde 100 combined heat and power (CHP) system at the centre managed by Abbeycroft Leisure, a Charitable Leisure Trust which also operates St Edmundsbury Borough Council's other leisure centre in Bury St Edmunds plus another fitness centre in Ipswich. The CHP system, providing 100 kW, will be owned and operated by EuroSite Power. The Leisure Trust will re! ceive a discount on the energy produced by the CHP systems and reduce its carbon emissions from the property. The value of the agreement to the Company is 1.5 million pounds Sterling.
"This is a very significant order for EuroSite Power and it prepares us for a very exciting 2012," said Paul Hamblyn, Managing Director of EuroSite Power. "Public leisure centres are an important part of our growth strategy, the Company continues to pursue these and other large property holders to accelerate our growth within the UK market."
EuroSite Power will produce clean energy in the form of electricity, heating and domestic hot water for the centre at a price lower than Abbeycroft Leisure's current and future energy suppliers. Because the Leisure Trust opted for the Company's On-Site Utility solution, the centre will pay only for the energy used and will avoid all capital, installation and operating costs. The Company will also handle all service, maintenance and repair; therefore, Abbeycroft Leisure will not need to provide manpower to support the energy equipment. The specific CHP system planned for the property is expected to reduce the emissions of the leisure centre by 224 tonnes of carbon dioxide each year and because good quality CHP is supported by government, the impact of the Climate Change Levy will be greatly reduced.
EuroSite Power sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation and operating expenses are paid by EuroSite Power. All system installation, operation and support are handled by the Company as well.
About EuroSite Power
EuroSite Power Limited is a subsidiary of American DG Energy (NYSE Amex: ADGE). Both companies supply low-cost energy to its customers through distributed power generating systems. The Company is committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by conventional energy suppliers - without any capital or start-up costs to the energy user - through its On-Site Utility energy solutions. EuroSite Power is based in Ealing, West London. More information can be found at http://www.eurositepower.co.uk.
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Company Codes: AMEX:ADGE, Bloomberg:ADGE@US, RICS:ADGE.A